Massimiliano Spallanzani
Italy
2m
Good morning everyone, first of all, thank you for the trust you continue to place in me. In the past few days we’ve seen some weakness across a few positions in the portfolio. This is not unusual, and it won’t be the last time we experience similar phases. Looking into 2026, a broader market rebalancing remains a realistic scenario. I’m not concerned by normal volatility, as long as it stays within a framework we can manage. As always, the key point is our time horizon. Our approach is not based on daily performance, but on medium- to long-term execution. For this reason, I’d like to be very clear: if you are copying while focusing on day-to-day movements, you are likely setting the wrong expectations. If, instead, you have the patience and discipline to go through drawdowns while keeping a medium/long-term objective, I will continue to manage the portfolio with the same focus that has delivered solid results over the past years. Thank you again for your continued trust.
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